Nasdaq has submitted an S-1 form for the 21Shares Dogecoin ETF with the US Securities and Exchange Commission (SEC). This move officially kicks off the approval process, with the Commission having to decide whether or not to approve the fund, which will provide institutional investors access to the top meme coin.
Nasdaq Files To List & Trade 21Shares Dogecoin ETF
A Nasdaq filing has revealed that the exchange has submitted an application to the US SEC to list and trade the 21Shares Dogecoin ETF. This move is significant, as the S-1 filing officially begins the approval process.
The SEC will then move to publish the filing in the Federal Register and ask for public comments on the filing before it decides to approve or deny. It is worth mentioning that asset manager 21Shares had earlier this month filed the 19b-4 form for its DOGE ETF. This move showed the firm’s intention to offer investors exposure to the largest meme coin by market cap.
Besides 21Shares, Grayscale, and Bitwise have also filed to offer a Dogecoin ETF, providing a bullish outlook for the DOGE price, which could surge as institutional investors invest in the meme coin. More asset managers are expected to file for a DOGE ETF as interest in the meme coin picks up.
What’s Next For The Dogecoin Price?
The DOGE price remained unchanged following Nasdaq’s S-1 filing for the 21Shares Dogecoin ETF. However, crypto analyst Trader Tardigrade predicts that a breakout might be on the horizon for the top meme coin.
In an X post, the analyst noted that Dogecoin has been moving within different ranges, experiencing both false breakdowns and breakouts. He added that the meme coin has now returned to its current range. In line with this, he expects DOGE to break out, potentially sending it higher.
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